Colonial BancGroup subsidiary Colonial Brokerage files Chapter 7 case

By Caroline Salls

Pittsburgh, June 10 - The Colonial BancGroup, Inc.'s wholly owned subsidiary Colonial Brokerage, Inc. made a Chapter 7 bankruptcy filing Monday in the U.S. Bankruptcy Court for the Middle District of Alabama.

Susan S. DePaola was appointed bankruptcy trustee on Tuesday. She will be responsible for the liquidation of Colonial Brokerage through its bankruptcy case.

According to court documents, Colonial Brokerage has $500,000 to $1 million in assets and $1 million to $10 million in debt.

Colonial BancGroup is the Montgomery, Ala.-based holding company for Colonial Bank. The company filed for bankruptcy on Aug. 25, 2009 in the U.S. Bankruptcy Court for the Middle District of Alabama. Its Chapter 11 case number is 09-32303.

Colonial Brokerage's Chapter 7 case number is 10-31511.

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